Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong Sells 18,687 Shares

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 18,687 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $34.86, for a total value of $651,428.82. Following the completion of the sale, the general counsel now owns 418,973 shares of the company’s stock, valued at approximately $14,605,398.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Morgan Fong also recently made the following trade(s):

• On Thursday, March 21st, Morgan Fong sold 18,689 shares of Maplebear stock. The stock was sold at an average price of $37.62, for a total value of $703,080.18.
• On Friday, March 8th, Morgan Fong sold 98,200 shares of Maplebear stock. The stock was sold at an average price of $34.32, for a total value of $3,370,224.00.

Maplebear Stock Performance

NASDAQ:CART opened at $34.28 on Thursday. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $42.95. The stock’s 50 day moving average price is $34.85 and its two-hundred day moving average price is $28.41.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to the consensus estimate of $804.62 million. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts predict that Maplebear Inc. will post 0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently made changes to their positions in CART. Parallel Advisors LLC increased its stake in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares during the period. Signaturefd LLC bought a new position in Maplebear during the 3rd quarter worth $30,000. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda bought a new position in Maplebear during the 4th quarter worth $69,000. Finally, Amalgamated Bank bought a new position in Maplebear during the 4th quarter worth $94,000. Institutional investors own 63.09% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CART shares. Piper Sandler increased their price target on Maplebear from $36.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Wolfe Research upped their price objective on Maplebear from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a research report on Tuesday. Fox Advisors cut Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Finally, Wedbush reduced their price objective on Maplebear from $30.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, December 27th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.16.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.